Bravada Signs Definitive Agreement for Highland Au/Ag Prospect, Nevada; Drilling Expected July 2021
Bravada Signs Definitive Agreement for
Highland Au/Ag Prospect, Nevada; Drilling
Expected July 2021
Vancouver, British Columbia--(Newsfile Corp. - June 30, 2021) -
Bravada Gold Corporation
(TSXV:
BVA) (FSE: BRTN) (OTCQB: BGAVF) (the "Company" or "Bravada") announces that through their
respective US subsidiaries, the Company and
Headwater Gold Inc ("Headwater")
have executed a
Definitive Agreement ("Agreement") whereby Headwater may earn up to a 100 percent interest in
Bravada's low-sulfidation
Highland gold/silver project
, located within the Walker Lane Gold trend in
western Nevada. The Agreement sets terms for the earn in and possible purchase. Headwater is
planning to begin drilling eight reverse-circulation holes (~2,000m in total) in July 2021. Four of the holes
are expected to be drilled in the West Vein Zone and four are expected to be drilled in the Big Hammer
Zone, with additional surface work planned to further advance several other targets that have been
identified.
The Agreement is summarized below.
Option Stage 1
- Headwater may earn a 51 percent interest by making certain cash payments and
incurring aggregate exploration expenditures of US$5 million over a maximum of six years. Exploration
expenditures in the first 18 months will be a minimum of US$250,000. Payments include advanced
minimum royalty ("AMR") payments to underlying property vendors, claim fees, an initial cash payment of
US$10,000 to Bravada.
Option Stage 2
- Headwater may increase its interest to 75 percent within four years of earning its 51%
interest by incurring an additional US$5 million in exploration expenditures and paying Bravada
US$250,000 within 60 days of completing Option Stage 1. Payment may be paid as cash or up to 50%
in shares at Headwater's option.
Option Stage 3
- Upon earning a 75 percent interest, Headwater will have an option for 90 days to
purchase Bravada's remaining interest under commercially standard terms. Bravada and Headwater will
form a Joint Venture at the appropriate ownership ratio of 49/51 or 25/75 with industry standard terms if
Headwater does not exercise the option to purchase 100% of Bravada's interest.
The Highland property is subject to a 3% NSR royalty in favor of underlying vendors of the property,
subject to a reduction of the royalty to 2% upon payment of US$1 million. All AMR payments will be
deducted from production royalties. Approximately US$580,000 in AMR payments have been made to
date.
In other news,
drilling at Bravada's
Wind Mountain project
was completed in June and drill samples
are being analyzed by an independent assay lab. A total of 2,186.8 metres of reverse-circulation drilling
was completed, with 13 holes (1,324.3m) as part of the
in-fill program
on an expected higher-grade
portion of the shallow, oxide gold resource and 4 holes (862.5m) as part of the
Feeder Target program
where a northeast-trending vein zone was discovered beneath overburden and mine waste material
during the Company's drilling in December 2020.
About Highland
The Highland low-sulfidation-type project consists of 192 Federal lode claims for a total of approximately
1,500 hectares and is located along the Walker Lane Gold trend. Previous drilling by Bravada's US
subsidiary intersected vein zones with locally high-grade intercepts; the Company's best hole, H02013,
intersected
1.5 meters (m) of 66.9 grams of gold per ton (g/t) and 397.7g/t silver within a 12.2m
intercept of 9.5g/t gold and 109.4g/t silver,
with true thicknesses estimated at 65% of the intervals. A
thin layer of alluvial gravel covers much of the property and several targets have been identified that have
not been previously tested with drilling.
About Bravada
Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best
mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the
potential to host high-margin deposits while successfully attracting partners to fund later stages of project
development. Bravada's value is underpinned by a substantial gold and silver resource with a positive
PEA at Wind Mountain, and the Company has significant upside potential from possible new
discoveries at its exploration properties.
Since 2005, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly
traded companies, as well as a similar number of property-acquisition agreements with private
individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately
6,500 ha in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill
intercepts of gold and already have drill targets developed. Several videos are available on the
Company's website that describe Bravada's major properties, answering commonly asked investor
questions. Simply click on this link:
https://bravadagold.com/projects/project-videos/
.
Joseph Anthony Kizis, Jr. (AIPG CPG-11513) is the qualified person responsible for reviewing and
preparing the technical data presented in this release and has approved its disclosure.
-30-
On behalf of the Board of Directors of Bravada Gold Corporation
"Joseph A. Kizis, Jr."
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation
For further information, please visit Bravada Gold Corporation's website at
bravadagold.com
or contact
the Company at 604.684.9384 or 775.746.3780.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release may contain forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements. These statements are based on a
number of assumptions, including, but not limited to, assumptions regarding general economic
conditions, interest rates, commodity markets, regulatory and governmental approvals for the
company's projects, and the availability of financing for the company's development projects on
reasonable terms. Factors that could cause actual results to differ materially from those in forward-
looking statements include market prices, exploitation and exploration successes, the timing and
receipt of government and regulatory approvals, and continued availability of capital and financing
and general economic, market or business conditions.
Bravada Gold Corporation does not assume
any obligation to update or revise its forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent required by applicable law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/89065